The dollar traded mostly sideways versus majors and sharply higher versus the MXN after US President Trump tweeted that he will impose new 5% trade tariffs on Mexico if it won’t fight the illegal emigration to the US. The move sent the MXN lower by more than 2.5% overnight and is likely to be the place for FX traders to look for a substantial move today. US and EU equity markets traded yesterday a narrow range session that was capped by lack of US China trade deal transparency and future outlook of the talks. Metals traded higher on the softer dollar and a move to safety and Gold closed above the 1292$ per ounce level, up 16$ over the last two sessions. Oil inventories numbers were not kind to Oil investors yesterday, after the EIA announced record US production levels of 12.3 million barrels per day and a lesser than expected drop in Oil Inventories. Coupled with a rise in Saudi Arabia oil production and fears of a global slowdown, prices took a steep drop to close lower by nearly 4%, at 56.44$ per barrel, the biggest drop in 2019 so far and on pace with the biggest monthly drop since last November.
CAD GDP at 1:30 pm is the important news on the agenda Friday. (all times GMT).
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